BAY MINETTE, Alabama — The May 15 tax sale disposed of 1,200 parcels and investors paid $15.8 million which included $14.6 million in excess bids. About 70 percent of the tracts were sold.

The unsold properties were forwarded  to the Alabama Department of Revenue, where they can be redeemed for property taxes. Property owners can begin the redemption process after May 25, according to Revenue Commissioner Teddy Faust. More than 50 speculators and investors bid on the properties. Faust said a May 8 survey showed 2,637 delinquent parcels representing $1.67 million.

The parcels are predominantly residential and are spread throughout the county. Some landowners paid taxes at the last minute, reducing the delinquent property catalog.

 County records show a steady decline in values since 2008, but there are indications that the real estate market has stabilized, Faust said. The yearly tax sales draw dozens of speculators who overbid on parcels to take advantage of a state law allowing 12 percent simple interest until the real estate is redeemed.

 Landowners have received valuation notices with an effective date of May 1, which describes properties and includes actual value for the prior and current year. The value shown on the notice will determine the amount of taxes owed.

The notices are for next year’s property tax cycle. Actual bills will be mailed Oct. 1 and will become delinquent Jan. 1, 2013. If property owners have a discrepancy with the valuation notice, they have a 30-day opportunity to file an appeal. The appeal forms can be found on the Revenue Commissioner’s web site at baldwincountyal.gov (click the Revenue Commissioner link at the top of the page,) or by visiting a Baldwin County Revenue Commission Office in Bay Minette, Foley, Fairhope or Robertsdale.

 Property owners who file an appeal will receive an appointment with a county appraiser as part of the appeal process. During the meeting with the county appraisers, property owners are encouraged to bring evidence that will support their appeal.

 Evidence could include recent appraisals, sales information on the subject or other similar properties, income and expense statements on commercial properties, surveys or photographs.